KEELEY Small Cap Dividend Value Fund

Investment Objective

Seeks long-term capital appreciation and current income through investments in small capitalization companies that we believe are undervalued and typically pay a dividend. Companies generally have a market capitalization below $3.5 billion at the time of purchase.

Investment Philosophy

Our philosophy is to deliver above average long-term results with less volatility due to the application of a value-oriented investment style. Our investment team uses a bottom-up, fundamental approach to stock selection focusing the majority of the portfolio on dividend paying small-cap companies.

Risk

Smaller and medium-sized company stocks are more volatile and less liquid than larger more established company securities.

Investment Focus

KSDVX Small Cap Dividend Fund

Fund Profile - as of December 31, 2011

Total Net Asset $39,183,939
Number of Holdings 86
Gross Expense Ratio (Class A Shares) 2.15%
Waiver/Expense Reimbursement* -0.76%
Gross Expense Ratio (Class I Shares) 1.90%
Waiver/Expense Reimbursement* -0.76%
Net Expense Ratio*  
KSDVX 1.39%
KSDIX 1.14%
Asset Allocation %  
Equity 95.5
Cash & Equivalents 4.5
*The Adviser has contractually agreed to waive a portion of its fee or reimburse the Fund to the extent that total operating expenses during the current fiscal year exceed 1.39% for Class A shares, and 1.14% for Class I shares. The waiver for the Small Cap Dividend Value Fund is in effect through January 31, 2012.

Rankings

Not available.